TMS Ep486: IT return, Tweets turns X, Jio-BlackRock JV, gigafactory

A record 74 million people filed income tax returns in assessment year 2022-23. But around 70% reported no tax liability. And a year before, 69.4 million people had filed income tax returns, but close to 73% reported no tax liability. So why do so few Indians pay tax? 

It is not just India. People around the world want to save money on taxes. Elon Musk recently slammed US President Joe Biden’s call for more taxes on super-wealthy Americans. Moving on, Musk is on a different mission these days. Twitter, as we know it, seems to be nearing its end. The blue bird’s been shooed away. Tweets will now be called “X”s, and Musk’s obsession with the letter ‘X’ has now been cemented into a new brand logo. But will the X Factor help revive the social-media giant? 

After Twitter, let us move on to another US giant. BlackRock is re-entering India. This time it has joined forces with Jio Financial Services to foray into India’s asset management sector. With an initial investment of 300 million dollars, the joint venture aims to deliver tech-enabled access to affordable, innovative investment solutions for investors in India. So, how is the market perceiving the development? And will it be a game changer for the sector? As an investor, should you stay away from AMC stocks till there is more clarity on the JV’s business plans?

Analysts, meanwhile, have been bullish on stocks of the electric vehicle sector for a while now. The sector is seeing rapid growth. Elon Musk recently expressed his interest in opening EV battery cell gigafactories in India. And Tata Group too is planning a gigafactory in the United Kingdom. But what is a gigafactory? Listen to this episode of the podcast for answers.